External broker reports(aggregated public sources), CMB International

CMB International

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

External broker reports(aggregated public sources)

Equity Bottom-Up

<ul><li>SenseTime reported 1H25 results: total revenue increased by 36% YoY to RMB2.36bn, 6% ahead of our estimate, mainly due to the strong revenue growth of Generative AI business; adjusted net loss narrowed by 50% YoY to RMB1.16bn, thanks to the operating leverage and organizational restructuring, which should be largely in line with our estimate (RMB1.63bn) if excluding other gains of RMB641mn related to disposal of subsidiaries.</li><li>Fuelled by the strong demand for AI compute and AI applications, we forecast total revenue to maintain a solid growth of 25% YoY in 2H25E.</li><li>We revise our FY25/26E adjusted net loss forecast to RMB2.29/0.60bn (previous: RMB2.75bn/0.72bn), given the strong operating leverage and opex control. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

SenseTime reported 1H25 results: total revenue increased by 36% YoY to RMB2.36bn, 6% ahead of our estimate, mainly due to the strong revenue growth of Generative AI business; adjusted net loss narrowed by 50% YoY to RMB1.16bn, thanks to the operating leverage and organizational restructuring, which should be largely in line with our estimate (RMB1.63bn) if excluding other gains of RMB641mn related to disposal of subsidiaries.Fuelled by the strong demand for AI compute and AI applications, we forecast total revenue to maintain a solid growth of 25% YoY in 2H25E.We revise our FY25/26E adjusted net loss forecast to RMB2.29/0.60bn (previous: RMB2.75bn/0.72bn), given the strong operating leverage and opex control. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

SenseTime (20 HK) - 1H25 Review: Strong Gen AI Revenue Momentum with Improving Margin

SenseTime Group

SenseTime (20 HK) - 1H25 Review: Strong Gen AI Revenue Momentum with Improving Margin